Rare Earth Minerals PLC Yangibana REE Project Update (4150B)

TIDMREM

RNS Number : 4150B

Rare Earth Minerals PLC

06 October 2015

Rare Earth Minerals Plc.

("Rare Earth Minerals", "REM" or "the Company")

Yangibana REE Project Update - Increase in JORC Resource

Rare Earth Mineral Plc (AIM: REM) advises that Hastings Rare Metals Limited ("Hastings"), REM's 70% joint venture partner in the Yangibana Rare Earths Elements ("REE") Project ("Yangibana") in Western Australia, has announced a significant increase in JORC resources over the Yangibana Project inclusive of licenses owned by the joint venture. The full Hastings news release dated 6 October 2015 is available at: http://www.asx.com.au/asxpdf/20151006/pdf/431vnqsgyr810z.pdf. The full Hastings release also contains information on Bald Hill South, Fraser's and Yangibana West in which REM has no interest.

HIGHLIGHTS ON JOINT VENTURE ASSETS (30% interest owned by REM)

-- Update JORC resource estimates for Yangibana North, Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North issued.

-- Indicated Resources at these assets now stand at 2.7 million tonnes at 1.46% TREO** containing 0.50% Nd(2) O(3) -Eq*

-- Inferred Resources at these assets now stand at 2.6 million tonnes at 1.25% TREO** containing 0.42% Nd(2) O(3) -Eq*

   --      Total Mineral Resource are now 71,828 contained tonnes of TREO** 
   --      Joint Venture Asset resources are now estimated to contain approximately 

o 14,890 tonnes of Nd(2) O(3)

o 4,450 tonnes of Pr(2) O(3)

o 216 tonnes of Dy(2) O(3)

o 419 tonnes of Eu(2) O(3)

-- Mining Studies have commenced with pit optimisations utilising Indicted Resources at Yangibana North

   --      Announcement of first JORC Compliant Reserve Estimates anticipated in the coming weeks. 

Details of Ownership:

On 1 December 2011, REM announced that it had acquired a 30% free carried interest to Bankable Feasibility Study ("BFS") of the Yangibana North Rare Earth Deposit. The exploration costs until the commencement of the BFS are therefore borne solely by Hastings Rare Metals Limited (70% owners and operator). The same terms agreed and announced on 1 December 2012 also apply to Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North. The gross and net attributable mineral resources to REM are set out below at both a nil cut-off and at a 0.25% Nd(2) O(3) -Eq.

Table 1- Joint Venture properties, JORC Resource with no cut-off. Operator is Hastings

 
                                                           Gross 
--------------------------------------------------------------------------------------------------------------------------- 
 Mineral      Tonnes                         Grade                                 Contained Metals (metric tonnes) 
 Resource 
 Category 
-----------  --------  -------------------------------------------------  ------------------------------------------------- 
 Indicated    Million   % TREO   % Nd(2)    ppm     ppm     ppm     ppm     TREO    Nd(2)    Nd(2)    Pr(2)   Dy(2)   Eu(2) 
               tonnes              O(3)    Nd(2)   Pr(2)   Dy(2)   Eu(2)             O(3)     O(3)     O(3)    O(3)    O(3) 
                                   -Eq     O(3)    O(3)    O(3)    O(3)               -Eq 
-----------  --------  -------  --------  ------  ------  ------  ------  -------  -------  -------  ------  ------  ------ 
 Yangibana 
  North        2.718    1.46%     0.50%    3,061    910     43      89     39,683   13,590   8,320    2,473    117     242 
-----------  --------  -------  --------  ------  ------  ------  ------  -------  -------  -------  ------  ------  ------ 
 Sub-Total     2.718    1.46%     0.50%    3,061    910     43      89     39,683   13,590   8,320    2,473    117     242 
-----------  --------  -------  --------  ------  ------  ------  ------  -------  -------  -------  ------  ------  ------ 
 Inferred 
-----------  --------  -------  --------  ------  ------  ------  ------  -------  -------  -------  ------  ------  ------ 
 Yangibana 
  North        0.471    1.46%     0.50%    3,061    910     43      89     6,877    2,355    1,442     429     20      42 
-----------  --------  -------  --------  ------  ------  ------  ------  -------  -------  -------  ------  ------  ------ 
 Gossan        0.221    1.07%     0.34%    2,132    660     22      55     2,365     751      471      146      5      12 
-----------  --------  -------  --------  ------  ------  ------  ------  -------  -------  -------  ------  ------  ------ 
 Lion's Ear    0.842    1.42%     0.47%    2,844    846     42      81     11,956   3,957    2,395     712     35      68 
-----------  --------  -------  --------  ------  ------  ------  ------  -------  -------  -------  ------  ------  ------ 
 Hook          0.349    1.09%     0.31%    1,866    611     30      49     3,804    1,082     651      213     10      17 
-----------  --------  -------  --------  ------  ------  ------  ------  -------  -------  -------  ------  ------  ------ 
 Kanes 
  Gossan       0.578    1.16%     0.41%    2,520    773     42      57     6,705    2,370    1,457     447     24      33 
-----------  --------  -------  --------  ------  ------  ------  ------  -------  -------  -------  ------  ------  ------ 
 Bald Hill 
  North        0.102    0.43%     0.25%    1,582    327     39      43      439      255      161      33       4       4 
-----------  --------  -------  --------  ------  ------  ------  ------  -------  -------  -------  ------  ------  ------ 
 Sub-Total     2.563    1.25%     0.42%    2,566    773     39      69     32,145   10,771   6,577    1,980    99      177 
-----------  --------  -------  --------  ------  ------  ------  ------  -------  -------  -------  ------  ------  ------ 
 Total         5.281    1.36%     0.46%    2,821    843     41      79     71,828   24,361   14,897   4,454    216     419 
-----------  --------  -------  --------  ------  ------  ------  ------  -------  -------  -------  ------  ------  ------ 
 Net attributable (30%) 
--------------------------------------------------------------------------------------------------------------------------- 
 Mineral      Tonnes                         Grade                                 Contained Metals (metric tonnes) 
 Resource 
 Category 
-----------  --------  -------------------------------------------------  ------------------------------------------------- 
 Indicated    Million   % TREO   % Nd(2)    ppm     ppm     ppm     ppm     TREO    Nd(2)    Nd(2)    Pr(2)   Dy(2)   Eu(2) 
               tonnes              O(3)    Nd(2)   Pr(2)   Dy(2)   Eu(2)             O(3)     O(3)     O(3)    O(3)    O(3) 
                                   -Eq     O(3)    O(3)    O(3)    O(3)               -Eq 
-----------  --------  -------  --------  ------  ------  ------  ------  -------  -------  -------  ------  ------  ------ 
 Yangibana 
  North        0.815    1.46%     0.50%    3,061    910     43      89     11,905   4,077    2,496     742     35      73 
-----------  --------  -------  --------  ------  ------  ------  ------  -------  -------  -------  ------  ------  ------ 
 Sub-Total     0.815    1.46%     0.50%    3,061    910     43      89     11,905   4,077    2,496     742     35      73 
-----------  --------  -------  --------  ------  ------  ------  ------  -------  -------  -------  ------  ------  ------ 
 Inferred 
-----------  --------  -------  --------  ------  ------  ------  ------  -------  -------  -------  ------  ------  ------ 
 Yangibana 
  North        0.141    1.46%     0.50%    3,061    910     43      89     2,063     707      433      129      6      13 
-----------  --------  -------  --------  ------  ------  ------  ------  -------  -------  -------  ------  ------  ------ 
 Gossan        0.066    1.07%     0.34%    2,132    660     22      55      709      225      141      44       1       4 
-----------  --------  -------  --------  ------  ------  ------  ------  -------  -------  -------  ------  ------  ------ 
 Lion's Ear    0.253    1.42%     0.47%    2,844    846     42      81     3,587    1,187     718      214     11      20 
-----------  --------  -------  --------  ------  ------  ------  ------  -------  -------  -------  ------  ------  ------ 
 Hook          0.105    1.09%     0.31%    1,866    611     30      49     1,141     325      195      64       3       5 
-----------  --------  -------  --------  ------  ------  ------  ------  -------  -------  -------  ------  ------  ------ 
 Kanes 
  Gossan       0.173    1.16%     0.41%    2,520    773     42      57     2,011     711      437      134      7      10 
-----------  --------  -------  --------  ------  ------  ------  ------  -------  -------  -------  ------  ------  ------ 
 Bald Hill 
  North        0.031    0.43%     0.25%    1,582    327     39      43      132       77       48      10       1       1 
-----------  --------  -------  --------  ------  ------  ------  ------  -------  -------  -------  ------  ------  ------ 
 Sub-Total     0.769    1.25%     0.42%    2,566    773     39      69     9,644    3,231    1,973     594     30      53 
-----------  --------  -------  --------  ------  ------  ------  ------  -------  -------  -------  ------  ------  ------ 
 Total         1.584    1.36%     0.46%    2,821    843     41      79     21,548   7,308    4,469    1,336    65      126 
-----------  --------  -------  --------  ------  ------  ------  ------  -------  -------  -------  ------  ------  ------ 
 

Note: All figures are rounded to reflect the relative accuracy of the estimate and have been used to derive sub-totals, totals and weighted averages. Such calculations inherently involve a degree of rounding and consequently introduce a margin of error. Where these occur, REM does not consider them to be material.

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